Kraken eyes DeFi expansion with launch of Ink, its new Ethereum layer-2 network
Crypto exchange Kraken announced the upcoming launch of Ink, an Ethereum layer-2 network based on the Optimism Superchain, in an Oct. 24 statement.
Ink aims to empower users to trade, borrow, and lend tokens without the need for intermediaries, marking a significant shift from Krakens current centralized exchange model.
Ink founder Andrew Koller said:
Ink will work closely with developers and the community to create a compelling ecosystem for all. Were excited to accelerate the move onchain with an interoperable L2 that will make it even more seamless for crypto users to access DeFi. Ink the future.
The network plans to launch its testnet for developers later this year, with a full rollout for retail and institutional users anticipated in the first quarter of 2025.
Why Optimism Superchain?
Kraken stated that its choice of the Optimism Superchain would allow it to benefit from Ethereums robust security. This would also position Ink as part of the Superchain a unified network of blockchains that shares security, governance, and values designed to enhance Ethereum scalability.
Meanwhile, the exchange decision aligns with the growing trend among major crypto firms, including Coinbase, Uniswap, and World, which leverage this technology for their layer-2 networks.
Optimism Unlimited Chief Growth Officer Ryan Wyatt commented:
Optimisms technology powers the Superchain, and nearly 50% of all Ethereum L2 transactions. As part of this Superchain ecosystem, Ink will contribute to Optimism governance and drive revenue back to the Optimism Collective as we work together to scale Ethereum.
Despite this significant adoption of Optimism technology, Arbitrum remains the dominant layer-2 network, according to DeFillama data.
Krakens expanding product portfolio
The launch of Ink complements Krakens expanding range of products aimed at solidifying its industry position.
This month, the exchange introduced kBTC, a new wrapped Bitcoin product designed to enhance the top crypto availability in DeFi activities. The firm stated that each kBTC is securely backed 1:1 by an equivalent amount of Bitcoin held in its custody.
Further, Kraken also announced the integration of EigenLayer to allow its users to restake their ETH directly from its platform.
In addition, Kraken has launched a derivatives trading platform in Bermuda following the acquisition of a Class F Digital Business License from the Bermuda Monetary Authority (BMA).
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Text source: CryptoSlate
